THISGEN® 101: Saving for Your Kids
The days are long but the years are short. Your children's future may feel like lightyears away, but it will be here before you know it, and it's never too early to start saving.
But saving for your children and investing in their future now can feel daunting. What are the ways to save for education? What other ways can you or other family members use to put assets aside for your children, whether for the near term or the distant future? What are the differences between trusts, custodial accounts, 529 Plans, and Roth IRAs for kids? What special rules exist for paying tuition and medical bills? While every family is different, having a basic understanding of the various savings techniques can help you prioritize and meet your family's needs and objectives.
In this introductory session, we will discuss an array of savings techniques, from basic savings accounts and custodial accounts to trusts, 529 Plans, and Roth IRAs. We will also discuss tax considerations, including which techniques grow assets income-tax-free, the gift tax rules that limit how much can be put aside for a child each year, and ways around those limitations when it comes to paying for certain educational and medical expenses.
We invite you to join us and encourage you to share this invitation with aTHISGEN® contact (suggested ages: 25-50) who may be interested in learning more about saving for their kids and our THISGEN® program.